A short summary of the first and second reports on the Capital Gains Tax Review published by the Office of Tax Simplification and the outlook for CGT from our tax team.
Capital Gains Tax Review – Second Report
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Taxation
Taxation
Capital Gains Tax speculation
Conspicuous by its absence in the Budget, speculation continues on the possible changes ahead for Capital Gains Tax. What has the Office of Tax Simplification recommended so far?
Self Assessment taxpayers will not face late filing penalty, if filed online by 28 February
No late filing penalty if self assessment tax return filed by 28 February 2021, but interest will still be charged on any outstanding liabilities. More time to file your online return and make Time To Pay arrangements.
Writing the book on tax
Bates Weston’s tax team update and co-author Tolley’s Tax Planning for Owner Managed Businesses 2020-21.
Tax advice from our expanding tax advisory team
Bates Weston Tax welcome Liz Pepper to our growing tax advisory team. Major decisions, especially for owner managers, have far reaching impacts. Our job is to help them take the big decisions with confidence. Recognised by Tolleys’ for our work with OMBs, we offer rounded practical tax advice.
Professionally qualified tax advisers
The importance of using professionally qualified tax advisers is recognised by the government and it may become a legal requirement for all advisers giving tax advice on a commercial basis to be a member of a professional body. Rest assured Bates Weston’s tax team are members of the CIOT and ICAEW.
Company Car v Van – the tax difference
Company cars and vans, when used privately by employees are treated differently for tax purposes, with vans generally treated more favourably than cars. We look at the grey area of multipurpose vehicles.
Plans to extend Making Tax Digital
On 21 July the government published its 10 year strategy for the tax system. This included its plans to extend the Making Tax Digital initiative.
Tax planning, share incentive schemes and employee retention
Cassandra Graham, Senior Tax Manager at Bates Weston, considers the use of tax planning in attracting and keeping people who are driven to grow your business, in particular the use of tailored share incentive schemes.
Looking to grow? Take the next step
From compliance to growth, our accounting firm in Derby has you covered. Call us to see how we can help.